Abuja, 18 July 2025 – The Attorney General of the Federation (AGF) has categorically denied any involvement by the Federal Government of Nigeria (FGN) or his office in the acquisition of shares in First Bank Holdings Plc (First Holdco), labelling recent media reports on the matter as “inaccurate, misleading, resentful and malicious”.

In a press release issued today from the State House, the AGF’s office responded directly to publications by ThisDay newspaper and Arise TV dated 17 July 2025, which suggested that 25% of First Holdco’s shares had been transferred to a trustee linked to the FGN. The statement emphasised that neither the federal government nor the AGF participated in acquiring the shares in question, aiming to dispel any confusion or misconceptions regarding the company’s ownership and governance.

“The circumstances surrounding the shareholding structure are distinct from any government involvement,” the release stated. It acknowledged awareness of a trustee established by First Holdco itself, with the Central Bank of Nigeria (CBN) approving Stanbic IBTC to oversee it as an independent third party. This setup, according to the AGF, has no ties to the government.

The denial follows reports detailing a contentious multi-billion naira share deal at First Holdco, the parent company of First Bank of Nigeria (FBN). According to ThisDay, the 25% stake—initially rumoured to have boosted billionaire businessman Femi Otedola’s holdings from 15% to 40%—was instead acquired by a trustee described as a Special Purpose Vehicle (SPV) operating under the federal government’s aegis. The article claimed this arrangement was brokered by the AGF’s office in collaboration with the CBN to resolve ongoing shareholder disputes that threatened FBN’s compliance with new capital requirements.

Key elements from the ThisDay report include:

• The forced exit of former Chairman Oba Otudeko, who sold over 20% of shares linked to him amid legal battles, including a criminal complaint filed by Otedola-led management.
• A voluntary 5% sale by the Hassan-Odukale family, long-term shareholders seeking better value.
• Off-market transactions totalling N324.47 billion for 10.47 billion shares at N31 per unit, executed via entities such as First Securities Ltd, CardinalStone Securities Ltd, and Stanbic IBTC Stockbrokers Ltd.
• The trustee holding the shares for two to three weeks to make strategic decisions, including reviewing FBN’s capital-raising plans.

A source quoted in ThisDay said: “The shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement.”

Arise TV echoed similar claims, headlining that the 25% shares went to an FG trustee rather than Otedola, and reporting on Otudeko’s “forced exit” enabling Otedola to take over 40% of the company. However, conflicting accounts have emerged. A separate report in Vanguard described the deal as increasing Otedola’s stake to 40% through the surrender of shares by Otudeko and Odukale to settle disputes, with no mention of government involvement or a trustee. The transaction, involving 10.43 billion shares at N31 each, was criticised for bypassing Nigerian Exchange Limited (NGX) notification rules for significant deals.

The AGF’s statement urged media outlets to “exercise restraint, professionalism, and due diligence” in their reporting to avoid legal violations. It reaffirmed the administration of President Bola Ahmed Tinubu’s commitment to upholding the rule of law, justice, equity, accountability, transparency, and national service.